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Canadian dollar falls on little overnight Asian, European economic news

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(Globalpost/GlobalPost)

TORONTO - The Canadian dollar was lower Thursday amid a dearth of major economic news around the globe.

The Canadian dollar dipped 0.10 of a cent to 96.85 cents US.

The dollar has strengthened in the past week on positive economic indicators from overseas, particularly China.

Statistics Canada says its housing price index rose 0.2 per cent in July, following an identical increase the previous month.

The agency says the combined metropolitan region of Toronto and Oshawa, as well as the Calgary region, were the top contributors to the increase. Prices were unchanged in five of the 21 metropolitan areas surveyed.

The loonie had moved higher earlier this week against a weakening U.S. dollar ahead of next week's Federal Reserve policy meeting.

Investors are waiting to see if the U.S. central bank will announce it will begin tapering back its $85 billion in monthly asset purchases and by how much. The stimulus have been credited with holding down interest rates and lifting the markets.

Commodities were mixed, with the October crude contract on the New York Mercantile Exchange up $1.08 to US$108.64 a barrel.

Gold bullion fell $32.90 to US$1,330.90 an ounce and December copper was off five cents at US$3.21 a pound.

http://www.globalpost.com/dispatch/news/the-canadian-press/130912/canadian-dollar-falls-little-overnight-asian-european-econom